Wholesale energy prices update 29/9/17
UK PricesIn the UK, both gas and electricity were relatively well balanced across the week. Some pressure was introduced as a number of French nuclear sites were taken offline, increasing gas consumption. Colder weather forecasts also increased demand for gas. But good renewable output mitigated a good portion of this increase, reducing power demand. Relatively static oil and coal prices allowed gas and electricity to change little. All contracts saw virtually no change on the week as markets cooled following the run of increases throughout the summer. The price gap between the coming year and future years remains still making 2 and 3-year prices quite attractive, at least until the full impact of a winter without the Rough gas storage facility is fully understood. Markets are tetchy about the possibility of a volatile winter, with a high degree uncertainty over gas supplies and the corresponding effect on electricity. If the winter turns out to be mild, then lower price windows may be seen, but given current market conditions, clients should monitor markets closely and consider contracting in any price dip.
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